Coinbase, one of the leading cryptocurrency exchanges, has again experienced technical difficulties, with its platform crashing amid heightened market activity and bullish sentiment.
Coinbase Assures Users Of Fund Safety
This incident follows a similar crash just five days ago reported by Bitcoinist, which caused Coinbase’s stock to plummet and frustrated users with zero balances on their accounts.
Reports on social media platforms, such as X (formerly Twitter), highlighted the issue, prompting Coinbase’s support account to acknowledge the problem and assure users that their assets were safe.
The exchange’s support account has issued another statement regarding the current outage, stating that funds remain secure and trading is unaffected. The statement reads:
We are aware some users may experience increased latency across and a few users may see intermittent zero balance. Rest assured, your funds are safe. Our team is investigating this issue and will provide an update. Trading is not impacted at this time.
Intermittent Technical Issues
The recent surge in market activity and prevailing bullish sentiment has significantly strained Coinbase’s infrastructure, resulting in intermittent technical issues.
Traders and investors flocking to the platform to take advantage of the market’s positive momentum may have overwhelmed the exchange’s servers, causing some users to experience latency and intermittent zero balance issues.
However, nothing is certain as there has been no further official statement from the exchange’s support account or Coinbase executives as of this writing.
Currently, the exchange stock, listed under the ticker name COIN, is trading at $226. This marks a significant increase of over 10% in the past 24 hours. The surge in price comes as Bitcoin spot ETFs gain traction in the market and Bitcoin itself moves closer to its previous all-time high of $69,000.
Featured image from Shutterstock, chart from TradingView.com
